Business
Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2022
ANDOVER, Mass., July 21, 2022 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30,
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., July 21, 2022 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2022. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below. Revenues for the second quarter ended June 30, 2022 totaled $102.2 million, a 7.1% increase from $95.4 million for the corresponding period a year ago, and a 15.7% sequential increase from $88.3 million in the first quarter of 2022. Gross margin decreased to $46.8 million for the second quarter of 2022, compared to $49.9 million for the corresponding period a year ago, and increased sequentially from $37.6 million for the first quarter of 2022. Gross margin, as a percentage of revenue, decreased to 45.8% for the second quarter of 2022, compared to 52.3% for the corresponding period a year ago, and increased from 42.6% for the first quarter of 2022. Net income for the second quarter was $10.6 million, or $0.24 per diluted share, compared to net income of $19.4 million or $0.43 per diluted share, for the corresponding period a year ago and net income of $5.0 million, or $0.11 per diluted share, for the first quarter of 2022. Cash flow from operations totaled $10.8 million for the second quarter, compared to cash flow from operations of $12.3 million for the corresponding period a year ago, and cash flow from operations of $4.6 million in the first quarter of 2022. Capital expenditures for the second quarter totaled $14.2 million, compared to $6.5 million for the corresponding period a year ago and $22.7 million for the first quarter of 2022. The sum of cash, cash equivalents, and short-term investments as of June 30, 2022 decreased 1.6% sequentially to approximately $207.6 million compared to approximately $211.1 million as of March 31, 2022. Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q2 revenues growth included 28% sequential growth in Advanced Products. To better serve our customers, our Operations team had to overcome component shortages and outsourced capacity bottlenecks, which precluded commensurate improvements in product margins. Vertically integrated capacity will enable revenue growth with substantially improved gross margins.” “The Q2 book-to-bi...